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Exploring the Gap:the Influence of Chair-CEO Age Dissimilarity on CEO Monitoring and Incentives

Zhu, Jiajun ; Gao, Jing ; Tan, Hongping

Hua dong li gong da xue xue bao. Zi ran ke xue ban, 2019-01, Vol.45 (3), p.315 [Periódico revisado por pares]

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Título:
Exploring the Gap:the Influence of Chair-CEO Age Dissimilarity on CEO Monitoring and Incentives
Autor: Zhu, Jiajun ; Gao, Jing ; Tan, Hongping
Assuntos: Age ; Compensation ; Incentives ; Monitoring ; Regulatory mechanisms (biology)
É parte de: Hua dong li gong da xue xue bao. Zi ran ke xue ban, 2019-01, Vol.45 (3), p.315
Descrição: This paper investigates how the chair-CEO age dissimilarity and CEO power affect the dispersion and change of chair-CEO pay gap from both static and dynamic perspectives. The substantial age dissimilarity between the chairman and the CEO gives rise to cognitive conflict, thereby increasing board monitoring for firms with greater monitoring needs. Using data of China's listed firms from 2009 to 2017, we find a significant negative effect of CEO power on pay gap between the chairman and the CEO. In addition, when CEO is a member of the board or compensation committee, the power of CEO has different influences on the compensation, but the cognitive conflicts caused by chair-CEO age dissimilarity always inhibit the CEO's power. Thus, age dissimilarity has become an important complement to the board's regulatory mechanisms.
Editor: Shanghai: East China University of Science and Technology
Idioma: Chinês

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